Oil grows in cost, and Brent is at $69.61 a barrel

15.03.2021,11:10


March 15, Fineko/abc.az. Prices for oil of standard grades are increasing in Monday’s trading amid traders' optimism about energy demand.

Industrial production and retail sales in China for Jan-Feb 2021 grew sharply compared with Jan-Feb 2020, when the country was virtually paralyzed by the Covid-19 pandemic. The growth rate exceeded the forecasts of experts.

According to Bloomberg, over Jan-Feb the demand for oil in China increased almost by 17% up to 13.326 million b/d.

By 9:30 am, in the trading at the London ICE Futures Exchange May’s Brent crude futures rose by $0.39 (0.56%) up to $69.61 per barrel. At the end of trading on 12 March the Brent futures for May fell in price by $0.41 (0.59%) to $69.22 per barrel.

By 9:30 am, at the New York Mercantile Exchange (NYMEX) the price of April’s WTI oil futures grew by $0.46 (0.70%) up to $66.07 per barrel. At the end of trading on 12 March the WTI futures for April fell by $0.41 (0.62%) to $65.61 per barrel.

Over the past week Brent crude oil fell in price by 0.2% and WTI by 0.7%.